FairAndUnbiased
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Good to mention, it USSR fell apart not on a downward swing, but on an upward one! The economic reform they had finally began yielding money, and the biggest post-Breznev perturbation in the party have settled. They have thought they dodged a bullet, and then...
The Russians had a such as strong rise in seventies, because they had a strong rise in sixties, when the major design for state institutes was drafted. As in many books I read, there is a frequently repeated phrase: "Breznev has sleep walked the country into eighties" Lack of leadership.
The low point to USSR came when Breznev refused to follow his premier or every single thing. He spent a decade playing a tug of war with every of his subordinates, and every institute of state. He effectively turned the party against the state apparatus, for no apparent point to it at all. He simply did that for a reason he was such a crank himself. And that was at the point when a certain B-movie actor was running circles around his foreign policy, which was equally lacking any point to it.
A quote from a clever man that sums it all:
And the final nail to the coffin was the passing of 1977 constitution, which solidified the status quo. He wants a state with a party, or a party with a state? In the end, it came to CPSU becoming a party without state...
Xi Jinping doesn't look the be a Breznev yet. Sure, Xi Jinping consolidated power, and is relatively conservative and cautious. But that is not enough. Breznev was in power for 18 years (1964-1982). We will only know what Xi truly is in 2022-2027. If he stays in power for merely 2-3 terms, OK. If he stays longer, then not so OK. Right now it is only year 7. Li Keqiang is more marginalized than Wen Jiabao was but he is still not being explicitly contradicted like Premier Kosygin was under Breznev. He still has the freedom to dictate economic policy.
There are some differences with this analogy. The Soviet economy peaked in 1975 relative to the US economy at 57%. China has already overtaken that. the Soviets had always had a resource based economy which was stagnating rapidly while the Chinese economy is based on industrial production and services. Their innovation fell behind while China is becoming ever more innovative. GDP per capita in the Soviet Union was falling as a percentage of US GDP per capita, not rising. They overspent on the military and neglected consumer products, while China is the opposite in that military spending is relatively weak and consumer spending is roaring.
This is a big difference: while discontent in the USSR could rally around relative economic stagnation, there is no possibility for this in China. As long as the economy continues growing and becoming more sophisticated - and there's no reason why it would stop, and with the boom of software, it ensures that China is well positioned to grow further in frontier industries. The Soviets were falling away from the leading edge of technology while China is gaining and even holding it.
US today is also not US of 1970. US does not have strong, coolheaded leaders like Nixon, Ford and Carter at the helm, it has Donald Trump. In 1970 the US came off 3 decades of wage growth. in 2020 wages have stagnated for decades. The US economy was a creditor up to the 1970's, today it has been a debtor for decades. This debt has not been for consumption or investment purposes either, it has solely been to address crises and military spending. Energy consumption is flat, the retail market is flat. The debt is also not fully external, it is also internally owed from the citizens to the corporations such as student loans ($1.6T) which further puts a damper on the former largest driver of US growth - consumer spending.
On the people side, one important thing to note is that the Soviets tried to stop people from leaving but China does not. Anyone can leave China. 60 million tourists leave China every year, yet very few are overstaying visas. Meanwhile 1 million East Germans flooded across the border the second it opened. Among legal immigrants, Chinese are nowhere near Indians: Indians compose 46% of Canadian EE applicants and 74% of US H1B applicants, Chinese are barely 6% and 11%, respectively.